According to the new market research report "Veterinary Imaging Market by Product (Ultrasound (2D, 3D, Doppler), X-Ray (CR, DR), MRI, CT, Software, Reagent), Therapeutic Area (Orthopedics, Gynecology, Oncology, Dentistry), Animal (Small, Large), End User (Hospital, Clinic) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 2.3 billion by 2026 from USD 1.6 billion in 2021, growing at a CAGR of 7.0% during the forecast period.
The
growth of the global veterinary imaging market during the forecast period is
mainly driven by the increasing rate of companion animal population, rising
demand for pet insurance and an increasing amount of animal health expenditure,
growing number of veterinary practitioners and their rising income levels in
developed economies, rising demand for animal-derived food products, and
growing prevalence of animal diseases. Emerging markets, such as India and China, and
growing companion animal ownership in the APAC region are also factors expected
to offer significant growth opportunities for players in the market. On the
other hand, lack of animal healthcare awareness, a severe shortage of skilled
veterinarians, and the high cost of imaging instruments in emerging countries
are factors expected to restrain the overall market growth, to a certain
extent, during the forecast period.
Browse in-depth TOC on "Veterinary Imaging Market"
331 – Tables
63 – Figures
371 – Pages
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The impact of the COVID-19 pandemic and the lockdowns it
triggered is clearly visible on various markets, including the veterinary
imaging market. In 2020 and early 2021, the overall growth of various sectors
was heavily impacted, specifically in countries with a high incidence rate of
COVID-19, such as India, Brazil, China, the
US, and several European countries (including Russia, Italy, the
UK, and Spain).
The
COVID-19 pandemic is expected to have a temporary negative impact on the market
or its growth during the forecast period. The outbreak of COVID-19 originated
from a meat market in Wuhan (China),
which has negatively affected the consumption of food products derived from
animal sources. Unfavorable changes in regulations and guidelines are hampering
the growth of this market. The closing down of manufacturing facilities due to
lockdowns, disruptions in supply chains, and recruitment challenges for
clinical trials have further impacted the growth of the overall veterinary
imaging market. Furthermore, trade barriers in various regions are also
expected to restrain the growth of the market.
The Veterinary Imaging Instruments
segment holds the largest market share during the forecast period.
On
the basis of products, the global market is segmented into veterinary imaging
instruments, reagents, and software. In 2020, the instruments segment accounted
for the largest share of the global veterinary imaging market. Growth in this
product segment can largely be attributed to the increasing adoption of digital
imaging owing to the high-quality images provided by these instruments for
disease diagnosis.
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In the therapeutic area segment,
Orthopedics & Traumatology segment holds the largest market share during
the forecast period
Based
on the type of therapeutic area, the market is segmented into cardiology,
neurology, oncology, orthopedics & traumatology, dentistry, obstetrics
& gynecology, and other therapeutic areas, which include veterinary
ophthalmology and nephrology. In 2020, the orthopedics and traumatology segment
accounted for the largest share of the global veterinary imaging market. The
largest share of this segment can be attributed to the growing incidence of
bone injuries and the increasing prevalence of arthritis, lameness diseases,
and joint disorders in animals.
In the animal type segment, small
companion animals segment is expected to grow at the largest share in the
veterinary imaging market
Based
on the type of animal, the market is segmented into small companion animals,
large animals, and other animals. The small companion animals segment accounted
for the largest market share in 2020. This can be attributed to the increasing
adoption of companion pets, increasing focus on the safety of companion
animals, growing expenditure on animal health and preventative care, increasing
demand for pet insurance, aging pet population, and growing technological
advancements in imaging modalities. The small companion animals segment is also
expected to register the highest growth during the forecast period.
In the end user segment,
Veterinary Clinics & Diagnostic Centers segment is expected to account for
the largest share in the veterinary imaging market
On
the basis of end users, the global market is segmented into veterinary clinics
and diagnostic centers and veterinary hospitals and academic institutions.
Veterinary clinics and diagnostic centers are the major end users in the market
and accounted for a share in 2020. The large share of this segment is primarily
attributed to the increasing number of veterinary practices and the growing
number of veterinarians.
APAC is expected to grow at the
highest growth rate in 2020
The Asia Pacific region
is expected to register the highest CAGR during the forecast period. Growing
pet adoption, increasing awareness about animal health, and growing per capita
animal health expenditure, especially in India and China, are
contributing to the growth of the APAC market.
Key players in the veterinary
imaging market
The
prominent players in the market are GE Healthcare (US), Agfa-Gevaert N.V. (Belgium),
Carestream Health (US), Esaote S.p.A (Italy), IDEXX Laboratories, Inc.
(US), Mindray Medical International Limited (China), Canon Inc. (Japan),
Heska Corporation (US), Siemens Healthineers (Germany), FUJIFILM Holdings
Corporation (Japan),
Konica Minolta Inc. (Japan),
Samsung Electronics Co., Ltd. (South
Korea), E.I. Medical Imaging (US), IMV imaging (UK), SEDECAL (Spain).
Other players in the veterinary imaging market are Clarius Mobile Health (Canada),
Shenzhen Ricso Technology Co. Ltd. (China), DRAMIÑSKI S.A. (Poland),
Epica Animal Health (US), and ClearVet Digital Radiography Systems (US),
MinXray Inc. (US), Hallmarq Veterinary Imaging (UK), Shantou Institute of
Ultrasonic Instruments Co., Ltd (China), Sonoscape Medical Corp. (China),
and Reproscan (US).
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